IRS Struggles to Collect the Medical Device Excise Tax

Funding for the 2010 Affordable Care Act hinges, in part, on a 2.3 percent excise tax on medical device sales. The tax applies to cardiac defibrillators, imaging equipment and a variety of other equipment sold to hospitals, doctors and other providers. Congressional efforts to eliminate the tax enjoy significant bipartisan support in Congress from Republicans and Democrats, particularly from states that are home to a concentration of medical device manufacturers.

Internal Revenue Service collection of the tax began in 2013. A Treasury Department’s Inspector General report released on Tuesday indicates that taxpayer reporting on the IRS excise tax form does not account for all applicable medical device sales. Also, the tax agency is struggling to reconcile data provided by taxpayers and cannot accurately identify all of the medical device makers that are required to file the form and pay the tax. Through the first half of 2013, Treasury auditors estimate that the tax levy should have collected $1.2 billion in excise taxes, but the IRS has received $913 million.

verelll

Aug. 20, 2014
11:34 p.m.

I heard Jim Cramer is behind the site Traders Superstore now, I don’t know whether that is genuine however I’m a part there and I’m figuring out how to exchange from them there course material is fantastic thus is their backing. I can propose them if anyone is intrigued by figuring out how to exchange like I am.

Aug. 24, 2014
3:12 a.m.

makeda211

Jan. 7
2:37 p.m.

The difficulty the IRS is having collecting the Medical Device Tax is actually mirrored by the difficulty many businesses have: knowing how to comply with the tax. This whitepaper from Avalara is a nice Q&A for companies whom might be affected by this tax, and includes some important facts to consider: http://www.avalara.com/learn/whitepapers/medical-device-excise-tax/

Anonymous

July 12
2:55 p.m.

I am not certain the place you’re getting your info, however good topic. I must spend some time learning much more or figuring out more. Thanks for fantastic information I used to be on the lookout for this information for my mission.

Anonymous

July 12
3:56 p.m.

I know this if off topic but I’m looking into starting my own blog and was curious what all is needed to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very internet smart so I’m not 100 sure. Any suggestions or advice would be greatly appreciated. Kudos

Anonymous

July 24
10:23 a.m.

Anonymous

July 24
6:19 p.m.

Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you can do with some pics to drive the message home a bit, but instead of that, this is wonderful blog. A great read. I will definitely be back.

July 30
2:46 p.m.

Anonymous

July 31
9:27 a.m.

Hey very cool web site!! Man .. Excellent .. Superb .. I’ll bookmark your blog and take the feeds additionally…I’m glad to seek out so many helpful information right here within the post, we need work out extra strategies on this regard, thanks for sharing. . . . . .